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Sterling Silver Pandora Bracelet expansion in one of its key new markets, Italy, takes an important step forward today, with the grand opening of PANDORA Italy’s first owned and operated concept store, located in Venice. Three more concept stores will follow later this month in Rome, Milan and Bergamo. Italy is Europe’s largest market for fine jewellery with an estimated retail value of more than EUR 5.5 billion, and the opening of these new concept stores in Italy reflects the importance of this market to PANDORA. Massimo Basei, Managing Director PANDORA Italy, said: “In Venice, romance and the most stylish brands sit side by side against one of the most iconic backdrops the world can offer, and we are proud to see our new PANDORA concept store opening its doors here. PANDORA already has a strong presence in Italy, and we are confident that our investment in further expansion here will help turn Europe’s most important jewellery market into one of PANDORA’s strongest key new markets too.” PANDORA first entered the Italian market in July 2010 and, last year, in its first full year in the country, witnessed double-digit growth. The company’s strategy in Italy is to utilise the large and well-established network of multi-brand jewellery retailers, and PANDORA’s products are currently sold through more than 900 multi-brand stores throughout the country. This is supported by a number of new concept stores – an important showcase and a major step in the continued development of the PANDORA brand in Italy. During the course of 2012, PANDORA expects to open at least 135 new concept stores and shop in shops in its key new markets: Italy, France, Russia and Asia. ABOUT PANDORA Pandora Earrings, manufactures and markets hand-finished and modern jewellery made from genuine materials at affordable prices. PANDORA jewellery is sold in more than 65 countries on six continents through over 10,000 points of sale, including around 700 concept stores. Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs over 5,300 people worldwide of whom 3,600 are located in Gemopolis, Thailand, where the company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ OMX Copenhagen stock exchange in Denmark. In 2011, PANDORA’s total revenue was DKK 6.7 billion (approximately EUR 893 million). For more information, please visit http://www.uspandorabeads.com/

Contingent liabilities Pandora Type Beads is a party to a number of minor legal proceedings, which are not expected to infl uence the future earnings. Other obligations PANDORA other fi nancial obligations mainly relate to leases for offi ce premises and operating equipment. Provision regarding returns of products from customers, based on historical return percentages. Where the return prices are reduced over time, this has been taken into account in the calculation of the provision. It is expected that the costs will be incurred in 2011. Besides the related parties mentioned in 25, Related party transactions, of the consolidated fi nancial statement, related parties of PANDORA A/S also comprises the subsidiaries listed in the group structure in note 28 of the consolidated fi nancial statement. The table below provides the other transactions which were entered into with related parties. In 2009 PANDORA acquired PANDORA International ApS (formerly KW Holding ApS) from KW Invest ApS for DKK 10 million. KW Invest ApS was owned by Axcel IndustiInvestor a.s. Pandora Jewelry Website has merged with the 100% owned subsidiary PANDORA Jewelry A/S as of 30 June 2010 with PANDORA as the surviving company. Please refer to note 2. In connection with the formation of PANDORA Jewelry Western Europe A/S in 2010, PANDORA contributed distribution rights in the Netherlands and Italy and extended the term of the distribution right for Germany, Austria and Switzerland. For further information, please refer to note 3, business combinations, of the consolidated fi nancial statement.

Pandora Charm Sets was created, signifying the dawn of a new era, and focusing on personalized jewellery in particular charms with the possibility to be interchanged and supplemented to suit style, pocket, and even culture Whether flaunted, worn elegantly or simply accompanied to make a statement, they present a range of style and quality much appreciated by women and youths alike We established Joseph Blank in 1919 as an industry powerhouse in loose diamondsOur Mission:Our mission is to provide our independent retailer partners with a strong selection of Brands to cOcusing on personalized jewellery in particular charms with the possibility to be interchanged t can take over after charms We do not expect that growth in demand for charms will remain as high as now. While attending a wedding under the Tuscan sun, Nelson Ho gazes across the gentle hills that surround the wedding party There was Our products include lines for women, men and children 12% is bought without a special gift-occasion of the purchase It features 18 karat and platinum, emerald, ruby, tanzanite and sapphire fine jewelry which includes yellow and pink as well as a breathtaking collection of multicolor and sapphire jewelry. We also are a Registered AGS supplier and carry AGS, GIA and EGL (USA) stones - Whether the company manages to renew its product portfolio, so Other jewellery can take over after charms, when/if sales stagnate By utilizing the latest technology available to the industry, Eugene Biro is able to bring top quality diamonds and diamond Discontinued Pandora Charms to the market at competitive prices The current selection of about 500 different charms makes for countless personal combinations As the valuation of Pandora very much depends on the development in the sales growth and profitability, the performance of the Pandora share will similarly depend on news about growth and profitability.

And it is all of these women who have actively helped in creating this incredible success story The establishment of the Holding company in March 2008 added purchase and production in Thailand to the business (red + blue)About us: DTC Sightholder & Rio Tinto Select Diamantaire with 4 cutting facilities worldwide Pandora is present in both segments; exclusive jewellery and fashionable Pandora Christmas Beads, through its more exclusive Love Pods collection and its more exclusive gold charms with diamonds The purchase of wedding rings also has an effect on the jewellery sale, primarily because more money is generally spent on wedding and engagement rings than on other jewellery. VisionThe Kiran Group aspires to achieve a complete vertical integration from rough diamond to finished diamond jewelry And despite PANDORAs universe being inherently female it has a distinct scandinavian approach That brand is the Nelson Signature Bridal Collections inspired by the romance of TuscanyFrederic Duclos is originally from Southeastern France, where for several generations, his family has been designing accessories In Q4 almost 28% of the total sales is generated followed by around 25% in Q1. On the fact that the pricing to a high degree reflects a trade product, while Pandoras costs reflect a more industrialised production The finest artisans in New York are employed to finish the work; polishing and setting stones with the utmost of care and expertise Jewelex has been manufacturing diamond jewelry since1994 at its state-of-the-art factories in Mumbai, IndiaPandorawants to a high degree to focus on the brands sale of itsproductsand, thus, toturnthe figureabove upside-down It features 18 karat and platinum, emerald, ruby, tanzanite and sapphire fine Cheap Pandora Charms Online which includes yellow and pink as well as a breathtaking collection of multicolor and sapphire jewelry.

In H1 2010, the accounts for the first time indicated that growth is about to turn It should of coursebe mentioned that the distribution costswill also behigher but thetake-over of the distribution has made a positive contribution to theresult We believe that it may be difficult for Pandora Apple Bead to make its name a brand, as its current product portfolio indicates a slightly confusing brand We consider it a significant risk factor that Pandoras sales are focused on charm bracelets The report is for the personal use of Jyske Bank's customers and may not be copied Rising tax in Thailand Pandora is currently benefiting from a number of tax and duty exemptions in the Thai production company See the front page of the research report for our view of the risk associated with the share9%ayear In the Islamic part, the Ramadan has the greatest effect on the jewellery sale, while the greatest demand in China and East Asia is around the Chinese New Year Examples are the light-blue shirt for men or the black top for women. Christmas sale important for jewellery sale Christmas time in the Western world is the best time for the jewellery sale, as up to 24% of the jewellery sales in the US in 2008 took place in December Global markets:branding conceptgains ground Over the past couple of years, more brands among jewellery suppliers have been established than earlier pandora bracelets sale are patented with a functionality that can keep the various charms separated from huddling together in one side of the bracelet by using a stopper and a detachable holder As the valuation of Pandora very much depends on the development in the sales growth and profitability, the performance of the Pandora share will similarly depend on news about growth and prof it ability With in the segment of fashion-related jewellery. Lack of history There are not many historical accounting figures for Pandora as it looks today Pandora has, as shown, developed rapidly, which makes it difficult to compare the figures year-by-year and it is, thus, difficult to say exactly how much growth in Pandoras business that comes from rising demand Pandora will still focuson getting dealers up in the pyramid and setmore space a side to Pandora Moments sproducts in their shops The Russian and Chinese market had in 2009 a market for real jewellery at approx On the other hand, a negative recommendation (REDUCE or SELL) implies that we expect an investment in the share to yield a return below the general equity market.

With in the segment of fashion-related Pandora Spacers, themostpopular materialsareacryl-glass,glassandwoodthatareparticularlyattractive in the form ofcharms The chart below shows the development in demand for a product over time depending on whether the product can be characterised as a craze, fashion or a core product This was an overwhelming positive reception of the share, which indicates a significantly more positive sentiment associated with the share than we had expected It should instead be based on the scenarios that presuppose a fast decline in sales Overview over entries in the markets As evident from the above, Pandora entered its main markets, the US, Australia, German and the UK from 2003 to 2005 We believe, however, that a growth scenario corresponding to the slow decline in sales growth will require one or more new successful products in line with Charms Growth for all markets in general was positive but lower than earlier, which may indicate that we have reached the point of inflectionThe production of sunglasses isoutsourced Pandora entered the Australian market in 2004 and if the setback in 2010 is not alone due to market conditions (Pandora reported growth in all other markets, which must also be assumed to be hit by the economic slowdown), it may be a sign that the Australian market has reached its saturation point with respect to Pandoras charms If we imagine the same assumptions in the scenario with the slow sales decline, Pandora should account for the total global market in the course of four years Pandora Bracelet Sale the launch of sunglasses andwatches a strengthening of its brand rather thanproductsthatitexpectsmassive additionalsales from Growth in sales and the EBIT result were from H1 2009 to H1 2010 105% and 41%, respectively We expect that Pandora will continue trying to enter new markets, and considering its history we expect that the company will at least have some success with respect to these market expansions In all scenarios, sales growth is reduced over a period to 10%, and subsequently reduced by 2% a year until it reaches 2% It is evident that the attractive margins are attracting new players, as Ralph Lauren as well as Louis Vuitton will open jewellery shops in New York and Paris, respectively, this autumn 1% or December (12 The share has since its first day of trading stabilised at around DKK 250 per share A solution to this could be a sub-brand for Pandora that represents the more luxury-related products In the market for real jewellery nobody has a market share above 7% Another example is the rubber clogs that in a short period of time were very popular and then stabilised at a somewhat lower level

Pandora charm bracelets are generally patented having a functionality which could keep the a variety of charms separated from huddling with each other in one facet of the band by using a stopper and a detachable holder. This evident expires within 2023 in the US plus 2024 in the other locations where the evident is good. The major competition have all discovered alternatives to this patented remedy, e.gary. by using a elegance that can be mounted. If you want a extremely discreet solution to separate as well as fasten the Sterling Silver Pandora Style Beads, Pandora branded solution is, within our view, the top. The planet pandora has named its appeal collection Moments, as the purpose of your charm bracelets is that the client can create a distinctive jewellery in which each charm can relate with a certain instant in the customer living. Pandora collection is made up of large availability of How Much Are Pandora Bracelets in different real materials, including silver, gold, glass and various rocks. To this needs to be added a number of bracelets along with chains throughout gold and silver. This strategy to jewellery, where the client can create a special product with different wide range, ensures Pandora continual customers.

Pandora generated during the past year sales worth DKK 3,461m as well as realised an EBIT result with DKK 1,424 akin to an EBIT perimeter at 41%. Throughout H1 2010, Pandora Friendship Bead product sales at DKK 2,581m and noted an EBIT edge at 35%. Rise in sales along with the EBIT result were from H1 09 to H1 The year of 2010 105% and 41%, respectively. The heading downward EBIT margin had been, according to The planet pandora, due specially to charges in relation to constitutionnel changes more specifically the acquisition regarding distribution. The particular accounts for 08 cover almost ten months functions. Pandora needs sales for Q2 2010 which can be higher than Q1 with an EBIT margin at 40% or more. There's not many historical accounting figures for Pandora as it appears today. Pandora has, as shown, produced rapidly, rendering it difficult to evaluate the stats year-by-year and it is, therefore, difficult to say exactly how much growth in Pandora Beads Store Locator business that comes from growing demand.

The planet Sterling Silver Pandora Charms wants to a higher degree to get a strong management with its list link, as well as approx. 93% associated with Pandora's distribution has been thus inside on Thirty June The year 2010 (compared to around. 75% at the end of 2009). Your sales stations consist of nearly 10,000 places of sales, of which 243 are Pandora concept stores that specifically sell The planet pandora. Some of the idea shops are owned through Pandora, but most of them are operation agreements. Besides the concept shops, Pandora will be selling through shop-in-shops, gold, sterling silver and white/travel retailers, which also cover sales via airports and through key international flight companies. You will find there's difference between how many Pandora goods each shop has according to the category of a store. The smallest versions, white suppliers, have some of the Charms collection and perhaps an individual other assortment. Subsequently, the supply of products and the store area for Pandora increase progressively up to the theory shops which may have, if not all, and then most products. When a go shopping is to start dealing Official Pandora Jewelry items, it has to choose much room it wants to earmark to The planet pandora. If revenue are doing very good, the shop can always decide to update later on. If your shop doesn't want to update its selection of Pandora??£¤s jewellery, The planet pandora will otherwise look for brand new dealers. The shops must purchase Pandora gear and an supply of Pandora products after they start as dealers, meaning that Pandora doesn't need liquidity tangled up in assortments. According to Pandora it is very appealing to deal Pandora's merchandise, as the supplier has a disgusting margin from approx. 55% along with Pandora's products possess a turnover ratio that is 3-4 occasions higher than the common in the jeweller sector.

Build on the presentation so that the Customer visit is not compromised. Make sure that the Pandora Friendship Charm always clean and you make is only one area to once. First Begin by planning where and what Products and colors are available. superior You exactly which tasks arise. Second R you some glass shelves, floors and Displays the areas to be decorated. Third Place the display in accordance with the Guidelines you on the following pages find. 4th Polishing place the products and It on the screen - in accordance with the Guidelines. 5th Proceed in this way at each showcase. 6th When you are finished, please consider your Work. See if you notice the Discontinued Pandora Charms and purchasing stimulates. Correct your Work, if necessary.

Cheap Pandora Charms Online controls today every step of the value chain from design to production and distribution to sales channels for almost all jewellery products. Pandora has chosen this strategy in order to maintain a high level of control with all links in the value chain, including particularly distribution, and to ensure a high quality standard throughout the entire process from design to the consumer’s first sight of the product. Brand is important for Pandora and is one of the reasons behind its direct distribution, meaning that Pandora can control that the consumer has a good experience no matter where she/he buys Authentic Pandora Jewelry. According to Pandora, its vertically integrated business model ensures that design and product development are in line with Pandora’s brand, that the production is efficient and that distribution and marketing are under control. Pandora has two designer teams that are responsible for designing the company’s jewellery. The two teams are located in Denmark and consist of: - Lone Rønnow Frandsen and Lisbeth Larsen: in charge of e.g. the Moments, Stories and Compose collections. - Mads Trolle and Lee Anthony Gray: in charge of the LovePods and Liquid Silver collections. The designers are making drawings. Then 3D pictures are made in Thailand, and based on these a prototype of the new disney pandora charms design is made which must be approved by the designers before the production is initiated.

Administrative expenses comprise expenses paid in the year to manage and Beads Compatible With Pandora our operations, including expenses related to administrative staff and depreciation. Administrative expenses amounted to DKK 303 million in 2009 and DKK 69 million in the last 10 months of 2008. Our administrative expenses increased as a result of the signifi cant structural changes in the United Kingdom and Australia noted above. These structural changes meant that we began to incur administrative expenses in respect of the United Kingdom and Australia in 2009 and resulted in a combined DKK 126 million of our total administrative expenses in 2009. Apart from the impact of these developments and the additional approximately two months in 2009, our administrative expenses increased primarily as a result of our strengthening of our central management and administrative functions, including the hiring of, and compensation for, staff for our group administrative, fi nancial, human resources and information technology functions in response to the overall growth in our business as well as costs related to the implementation of new Pandora Jewelry Online Store and processes to assist us in managing this growth.

It all started nearly 30 years ago. Back in 1982 a jeweller’s shop that would one day become Pandora Christmas Charms was established in modest surroundings in Copenhagen, Denmark, by Danish goldsmith Per Enevoldsen and his wife Winnie. From the beginning, they often travelled to Thailand in search of jewellery for importing. As the demand for their products increased, their focus gradually shifted towards wholesale to clients in Denmark. In 1987, after several successful years as wholesalers, the retail activities were discontinued and the company moved to larger premises. Meanwhile, the fi rst in-house designer joined the company and Sterling Silver Pandora Bracelet began to focus on creating its own unique jewellery. In 1989, the company decided to start manufacturing its jewellery in Thailand.

Sterling Silver Pandora Style Beads is a designer, manufacturer, marketer and distributor of hand finished and modern jewellery made from genuine materials – primarily sterling silver, gold, precious and semi‐precious stones and Murano glass. As at 30 June 2010, our jewellery was sold in 47 countries on six continents through approximately 10,000 points of sale, including over 260 PANDORA branded concept stores. Our collectible charm bracelets made from sterling silver and gold and charms made from different genuine materials, which are featured in our Moments collection, constitute our core product offering. In addition, we offer other pieces of jewellery, such as rings, bracelets, necklaces and earrings, through our Moments, Stories, Compose, LovePods and Liquid Silver collections. PANDORA was founded in 1982 in Copenhagen, Denmark and employs over 4,500 people worldwide, of whom more than 3,300 are located in Gemopolis, Thailand, where Beads Compatible With Pandora its jewellery. The company is privately owned by the founders and – since March 2008 – funds managed by the private equity firm Axcel as the majority shareholders. In 2009, PANDORA generated revenue of approximately DKK 3.5 billion (approximately EUR 465 million) and EBITDA of approximately DKK 1.6 billion, and in H1 2010 generated revenue of approximately DKK 2.6 billion (approximately EUR 345 million) and EBITDA of approximately DKK 1.0 billion.

Michael Werdiger Inc. and Eloquence Corporation sell loose Tresor Paris Jewellery, basic diamond jewelry programs, fashion and bridal products, and natural color diamond jewelry to a broad spectrum of retailers. Established in 1954, Michael Werdiger Inc. first operated exclusively in the industrial diamond business. In 1974, the company branched into the gem diamond business. Since that time, through new business developments, alliances and acquisitions, Michael Werdiger has grown into a successful diamond and jewelry business group. Today, Michael Werdiger is a DTC sightholder and a founding member of the Natural Color Tresor Paris Rings Association with offices and factories in seven countries, proudly holding a strong position as a broadly-based, vertically integrated manufacturing and distribution company. Our customer-driven sales approach has earned us a valued position with our clients. By listening to and understanding our customers, we can orient manufacturing to meet their needs and develop marketing partnerships to enhance their sales. We are committed to the highest standards in quality, value and service. Michel Werdiger’s most important asset is people, our valued clients and dedicated employees. Through customer service, product development and long-term relationships, we have successfully built our business. We are driven by a standard of excellence in the products we create and the service we render for every one of our customers. Every piece and every collection from Michael Werdiger Inc. reflects our commitment to exceptional design and superior quality. Every Michael Werdiger tresor jewellery is hand selected by our master craftsmen to be matched for consistent cut, color and clarity. With extraordinary attention to detail, our exceptional pieces have been artfully crafted, inspected and approved to meet our strict standards of excellence in design and craftsmanship.

About us: Ivan Levi believes that great art is built by gratitude for everyday living. This steadfast belief stems from a rich and colorful childhood. His mother shaped his future with her own eye for the Tresor Paris Necklace. Whether discussing a painting with her son or bringing him in to the art experience through class instruction, beauty as human endeavor was everyday in Ivan’s childhood. Ivan’s father taught him the value of entrepreneurship and steadfast determination. A member of the jewelry industry himself for more than 35 years, Yaish or “HY,” belived that hard work and never giving up on his product or his customers was the mark of a great man. Extended family played an important role in shaping Ivan’s future in the design business. His uncle, Israel, remains the consummate business man. The “art of the deal” and operational control over business are traits Ivan learned from his uncle. For Ivan, everyday also meant change. From an early childhood in Chicago, to a boyhood working a 1,000 –acre cattle ranch in Idaho, he learned what it meant to blend the urban with the casual elegance of nature from an early age. Ivan Levi custom designs represent his gratitude for all that he has experienced. The richness of a varied childhood, full of art, nature and city, coupled with his personal passion for Tresor Paris Ring design, make Ivan Alan Jewels sparkle with quality found in the everyday. Ivan’s lines represent his own vision, as well as the functionality required for delivery to the modern market of jewelry buyers.

In 1980, when Tamara Asher was inspired to create a high-end Tresor Paris Earrings label, her husband Eddie’s entrepreneurial skill and her self-deployed artwork laid the foundation for what has culminated into Asher Jewelry, now one of the leading New York City based suppliers of fine jewelry to high-end retailers, television networks and renowned chain and department stores around the world. The opulence and creativity of the Asher Jewelry collection is maintained and expanded through the years by Tamara’s children, whose own talents and education have propelled the Asher collection to its prominence today. The Asher Collection consistently transcends beauty like no other in an industry where taste and expertise are of utmost importance. Intricate construction, meticulous design, premium quality diamonds and a unique palate of stones sourced exclusively by the Asher family all materialize into an exquisite and comprehensive collection. From the skillful juxtaposition of gold and tanzanite, to the interlacing of slick sapphires and blending of diamonds with mother of pearl, each Asher Tresor Paris Necklace possesses incomparable persona and innate worth. The pieces are timeless yet fun, sophisticated yet trendy, colorful yet understated, lavish yet chic, vibrant yet delicate, glitzy yet cool. Whether flaunted, worn elegantly or simply accompanied to make a statement, they present a range of style and quality much appreciated by women and youths alike.